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South Korea Aims To Vaccinate 70% Of Population By End-Sep

KRW

Spot USD/KRW has slipped after a slightly higher reopen and last trades little changed at KRW1,176.50. A resumption of gains and a move through the KRW1,180.00 figure would draw attention to the 50% retracement of the 2020 sell-off at KRW1,192.75. Conversely, a pullback under the 50-DMA/Aug 6 low at KRW1,141.24/1,140.65 would allow bears to get some reprieve.

  • USD/KRW 1-month NDF sits -1.14 fig. at KRW1,176.77. Bulls look to take out yesterday's high of KRW1,179.68 before taking aim at Aug 21, 2020 high of KRW1,192.84. Downside focus falls on Aug 13 low of KRW1,162.23.
  • Premier Kim said Tuesday that South Korea wants to inoculate 70% of its population by the end of next month and pledged to keep distributing aid to small businesses affected by quarantine rules.
  • The resort island of Jeju has been placed under the strictest level 4 social distancing measures. The rules take effect today, as officials are struggling to contain the spread of Covid-19 infections.
  • Looking ahead, South Korea will report July factory-gate inflation on Friday.
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